Question : Which of the following statements is true?

Option 1: If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due or Interest Outstanding

Option 2: If the date of payment of interest and accounting date are different, Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on accrual basis
 

Option 3: Interest Accrued or Outstanding (whether due or not) on Debentures is shown under the main head 'Current Liabilities' and sub-head 'Other Current Liabilities'

Option 4: All  of the above 

Question : Under computerized accounting, hardware refers to

Option 1:

A logical sequence of actions to perform a task

Option 2: The raw fact (as input) for any business application
 

Option 3: Computer, associated peripherals, and their network

Option 4: User

Question : P, Q and  R are partners sharing profits in the ratio of 5: 3: 2. They decided to share future profits in the ratio of 2: 3: 5. What will be the accounting treatment of Workmen Compensation Reserve appearing in the Balance Sheet on that date when no other information is available for the same?

Option 1:  Distributed among partners in their capital ratio

Option 2: Distributed among partners in their new profit-sharing ratio

Option 3: Distributed among partners in their old profit-sharing ratio

Option 4: Carried forward to new Balance Sheet

Question : Assertion A: - For inter-firm comparison, it is necessary that accounting practices followed by the firms do not vary significantly. As there may be variations in accounting practices followed by different firms, a meaningful comparison of their financial statements is not possible.

Reason R: - Analysis of financial statements is based on the information given in the financial statements. Hence, this analysis suffers from various limitations from which the financial statements.

Option 1: Both Assertion A and reason R are correct but the reason R is not the correct explanation of Assertion A 

Option 2: Both Assertion A and reason R are correct but the reason R is the correct explanation of Assertion A

Option 3: Both Assertion A is correct but the reason R is not correct

Option 4: Both Assertion A and Reason R are not correct

Question : What is/are the applications of computerised accounting systems?

Option 1: To maintain Accounting Record of large organisations is Possible

Option 2: Separate Payroll Accounting is Possible

Option 3: Automation of All Financial Accounts

Option 4: All of the above

Question : ______________was the leading producer of manganese ore, accounting for 33% of total production during 2019–20 in India.

Option 1: Odisha

Option 2: Madhya Pradesh

Option 3: Maharashtra

Option 4: Karnataka

Question : Comprehension:

Read the following passage and answer the questions given after it.

Wetlands are amongst the most productive ecosystems on the Earth and provide many important services to human society. They exhibit enormous diversity according to their genesis, geographical location, water regime and chemistry, dominant species, and soil and sediment characteristics. Globally, the area extent of wetland ecosystems ranges from 917 million hectares (m ha) to more than 1275 m ha. One of the first widely used wetland classification systems, devised by Cowardin et al., 1979, categorised wetlands into marine (coastal wetlands), estuarine (including deltas, tidal marshes, and mangrove swamps), lacustrine (lakes), riverine (along rivers and streams), and palustrine ( marshes, swamps and bogs) based on their hydrological, ecological and geological characteristics.The 

The Ramsar Convention on Wetlands was an international treaty signed in 1971. Overall, 1052 sites in Europe; 289 sites in Asia; 359 sites in Africa; 175 sites in South America; 211 sites in North America; and 79 sites in the Oceania region have been identified as Ramsar sites or wetlands of International importance. As per the Ramsar Convention definition most of the natural water bodies (such as rivers, lakes, coastal lagoons, mangroves, peat land, coral reefs) and man-made wetlands (such as ponds, farm ponds, irrigated fields, sacred groves, salt pans, reservoirs, gravel pits, sewage farms and canals) in India constitute the wetland ecosystem distributed in different geographical regions ranging from Himalayas to Deccan plateau. As of February 2022, India has 49 Ramsar sites covering an area of 10,93,636 hectares, the highest in South Asia. As per the estimates, India has about 757.06 thousand wetlands with a total wetland area of 15.3 m ha, accounting for nearly 4.7% of the total geographical area of the country. Out of this, areas under inland wetlands account for 69%, coastal wetlands 27%, and other wetlands (smaller than 2.25 ha) 4%. Gujarat has the highest proportion (17.5%) and Mizoram has the lowest proportion (0.66%) of the area under wetlands. Among Union Territories, Lakshadweep has the highest proportion (around 96%) and Chandigarh has the lowest proportion (3%) of the geographical area under wetlands.

Question:

Under which category of wetlands, are delta and mangrove swamps included?

Option 1: marine

Option 2: estuarine

Option 3: lacustrine

Option 4: palustrine

Question : Under computerized system of accounting, MIS stands for

Option 1: Management Information System

Option 2: Management Invoices System

Option 3: Management Information Sources

Option 4: None of the above

Question : Choose which of the following statements is not true.

Option 1: There may be variations in accounting practices followed by different firms, a meaningful comparison of their financial statements is not possible.

Option 2: Window dressing refers to the presentation of a better financial position than what it actually is by manipulating the books of account.

Option 3: Financial analysis does not identify symptoms of the problems.

Option 4:  All of the above

Question : A, B and C were partners sharing profits in the ratio of 1: 2: 2. B died on 30th June 2020 and the profit for the accounting year ended 31st March 2020 was Rs. 36,000. If the profit share of a deceased partner is to be calculated based on previous year's profit, the amount of profit credited to B's Capital Account will be

Option 1: Rs 3,000

Option 2: Rs 2,400

Option 3: Rs 3,600

Option 4: Rs 2,800